3 unchanged sentences
Prior to that, the Shares were traded on the NYSE, also under the symbol GSG, since their initial public offering on July 19, 2006.
−Removed: As of December 31, 2019, there were approximately 98 DTC participating shareholders of record of the Trust.
+Added: As of December 31, 2020, there were approximately 105 DTC participating shareholders of record of the Trust.
Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
3 unchanged sentences
Not applicable.
−Removed: Purchases of Equity Securities by the Issuers and Affiliated Purchasers
+Added: Purchases of Equity Securities by the Issuers and Affiliated Purchasers 
3,600,000 Shares (72 Baskets) were redeemed during the fourth quarter of the year ended December 31, 2020.
−Removed: Total Number of
−Removed: Shares Redeemed
+Added: Total Number of  Shares Redeemed
Average Price
22 unchanged sentences
Net cash flows
−Removed: 1,267,166,855
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
14 unchanged sentences
Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.
−Removed: The Trust was originally part of a two-tiered structure that transacted in Index Futures through its subsidiary, the Investing Pool.
+Added: The Trust was originally part of a two-tiered structure that transacted in Index Futures through its subsidiary, the Investing Pool.
Following the close of business on December 31, 2013, the Investing Pool was liquidated and the interests in the Investing Pool held by the Trust and the Investing Pool’s manager were redeemed for all assets and liabilities held by the Investing Pool.
3 unchanged sentences
Outstanding Shares in the Trust grew from 150,000 Shares at July 10, 2006 to 67,250,000 Shares at December 31, 2020.
−Removed: As described in Part I above, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures.
+Added: As described in Part I above, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodity futures.
The Trust seeks to track the investment returns of the Index before payment of the Trust’s expenses and liabilities.
−Removed: The Index is a statistical composite that tracks a diversified group of commodities futures.
+Added: The Index is a statistical composite that tracks a diversified group of commodity futures.
The Index does not actually hold a portfolio of futures contracts and does not incur the fees and expenses incurred by the Trust.
3 unchanged sentences
The Year Ended December 31, 2020
+Added: The Trust’s net asset value increased from $775,343,105 at December 31, 2019 to $827,346,620 at December 31, 2020.
+Added: The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 47,750,000 Shares at December 31, 2019 to 67,250,000 Shares at December 31, 2020, a consequence of 31,850,000 Shares (637 Baskets) being created and 12,350,000 Shares (247 Baskets) being redeemed during the year.
+Added: The increase in the Trust’s net asset value was partially offset by a net decrease in net assets resulting from operations.
+Added: The 24.26% decrease in the Trust’s NAV from $16.24 at December 31, 2019 to $12.30 at December 31, 2020 is directly related to the 24.02% decrease in the settlement price for the Index Futures.
+Added: The Trust’s NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s fees and brokerage commissions.
+Added: Net decrease in net assets resulting from operations for the year ended December 31, 2020 was $183,615,251, resulting from a net realized and unrealized loss of $181,338,900 and by a net investment loss of $2,276,351.
+Added: For the year ended December 31, 2020, the Trust had a net realized and unrealized loss of $19,454 on short-term investments and a net realized and unrealized loss of $181,319,446 on futures contracts.
+Added: Other than the Sponsor’s Fees of $5,005,767 and brokerage commissions and fees of $1,013,439, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 201 9
The Trust’s net asset value decreased from $1,209,866,609 at December 31, 2018 to $775,343,105 at December 31, 2019.
−Removed: The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 86,500,000 Shares at December 31, 2018 to 47,750,000 Shares at December 31, 2019, a consequence of 11,950,000 Shares (239 Baskets) being created and 50,700,000 Shares (1,014 Baskets) being redeemed during the year.
+Added: The decrease in the Trust’s net asset value resulted primarily from a net decrease in the number of outstanding Shares, which fell from 86,500,000 Shares at December 31, 2018 to 47,750,000 Shares at December 31, 2019, a consequence of 11,950,000 Shares (239 Baskets) being created and 50,700,000 Shares (1,014 Baskets) being redeemed during the year.
The decrease in the Trust’s net asset value was partially offset by an increase in net assets resulting from operations.
14 unchanged sentences
Other than the Sponsor’s Fees of $10,502,114 and brokerage commissions and fees of $1,422,790, the Trust had no expenses during the year.
−Removed: The Year Ended December 31, 2017
−Removed: The Trust’s net asset value increased from $1,035,799,565 at December 31, 2016 to $1,393,408,765 at December 31, 2017.
−Removed: The increase in the Trust’s net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 66,300,000 Shares at December 31, 2016 to 85,400,000 Shares at December 31, 2017, a consequence of 24,050,000 Shares (481 Baskets) being created and 4,950,000 Shares (99 Baskets) being redeemed during the year.
−Removed: The Trust’s net asset value also benefited from a net increase in net assets resulting from operations.
−Removed: The 4.48% increase in the Trust’s NAV from $15.62 at December 31, 2016 to $16.32 at December 31, 2017 is directly related to the 4.62% increase in the settlement price for the Index Futures.
−Removed: The Trust’s NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor’s Fees and brokerage commissions.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2017 was $80,418,616, resulting from a net realized and unrealized gain of $80,579,108, offset by a net investment loss of $160,492.
−Removed: For the year ended December 31, 2017, the Trust had a net realized and unrealized loss of $56,522 on short-term investments and a net realized and unrealized gain of $80,635,630 on futures contracts.
−Removed: Other than the Sponsor’s Fees of $8,530,039 and brokerage commissions and fees of $1,337,872, the Trust had no expenses during the year.
Liquidity and Capital Resources
17 unchanged sentences
The Trust’s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.
−Removed: When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its Clearing FCM.
−Removed: In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin.
+Added: When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME’s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its futures commission merchant, or Clearing FCM. In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin.
The Trust is also exposed to credit risk as a result of its ownership of U.S.
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.